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Paul Purchaser purchases a building for $10 million and over the course of several years he takes depreciation deductions of $6 million. He has just

Paul Purchaser purchases a building for $10 million and over the course of several years he takes depreciation deductions of $6 million. He has just entered into a contract to sell the building to a third party for $7 million and comes to you as his trusted advisor to advise him of the tax consequences of the sale. What do you tell him?

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